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GRAINS

December corn was higher overnight as it consolidates some of this week's decline. The high-range trade overnight sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $5.36 would signal that a short-term low has been posted. If December extends this week's decline, the September low of $4.97 1/2 is the next downside target. First resistance is the September 30th high crossing at $5.48 1/2. Second resistance is the August 30th high crossing at $5.58. First support is Wednesday's low crossing at $5.06 3/4. Second support is the September's low crossing at $4.97 1/2.

December wheat was higher overnight as it consolidates some of the decline off October's high. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the September 30th low crossing at $7.01 1/4. Closes above the 10-day moving average crossing at $7.36 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.36 1/2. Second resistance is October's high crossing at $7.63 1/2. First support is the September 30th crossing at $7.1 1/4. Second support is the September 21st low crossing at $6.86.

December Kansas City wheat was higher overnight as it consolidates some the decline off October's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $7.21 1/2 would signal that a short-term top has been posted. If December resumes the rally off September's low, August's high crossing at $7.69 is the next upside target. First resistance is October's high crossing at $7.64 1/4. Second resistance is August's high crossing at $7.69. First support is the 50-day moving average crossing at $7.21 1/2. Second support is the September 28th low crossing at $7.03.

December Minneapolis wheat was higher overnight. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, weekly resistance crossing at $9.83 1/2 is the next upside target. Closes below the 50-day moving average crossing at $9.13 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at $9.60. Second resistance is weekly resistance crossing at $9.83 1/2. First support is the 20-day moving average crossing at $9.27 1/4. Second support is the 50-day moving average crossing at $9.13.

SOYBEAN COMPLEX? 

November soybeans were higher overnight as it consolidates some of this week's decline. Overnight strength set the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August's high, the 62% retracement level of the 2020-2021-rally crossing at $11.52 1/2 is the next downside target. Closes above the 20-day moving average crossing at $12.50 would signal that a short-term low has been posted while opening the door for a possible test of the 50-day moving average crossing at $12.87. First resistance is the 20-day moving average crossing at $12.50. Second resistance is the 50-day moving average crossing at $12.87. First support is Wednesday's low crossing at $11.84 1/2. Second support is the 62% retracement level of the 2020-2021-rally crossing at $11.52 1/2.

December soybean meal was higher overnight as it consolidates some of the decline off September's high. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 87% retracement level of the 2020-2021-rally crossing at $307.30 is the next downside target. Closes above the 20-day moving average crossing at $327.90 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $317.90. Second resistance is the 20-day moving average crossing at $327.90. First support is Wednesday's low crossing at $309.30. Second support is the 87% retracement level of the 2020-2021-rally crossing at $307.30.

December soybean oil was steady to slightly higher overnight. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 58.83 would signal that a short-term top has been posted. If December renews the rally off September's low, the August 16th high crossing at 64.00 is the next upside target. First resistance is last-Friday's high crossing at 63.08. Second resistance is the August 16th high crossing at 64.00. First support is the 20-day moving average crossing at 58.83. Second support is September's low crossing at 54.18.